95 F350 E4OD Lost OD, shifts hard.
This is my first post. I bought a 95 F350 Crewcab long bed (Sold my 04 Silverado Z71 this morning) tonight and about twenty minutes after I bought it on the way home I lost overdrive. I spoke with the person I bought it from, and he told me I could bring it back tomorrow if I wanted but the thing is cherry. 460, 135k Dana 60/Sterling, for $5k. Looks brand new. Anyway, now that I lost OD, second and third shift noticably harder, and if you do a light brakestand with it, it makes a loud noise from the tranny, like a tapping. Also, before all of this happened (when I test drove it today, and it was fine) it has a longer than normal delay shifting into reverse, and then goes in hard.
The fluid smells burnt. But did before this happened.
Does anyone have any ideas what it could be? I don't know what to do, I like the truck, but I don't have the money to spend on a rebuild right now, and as of today I'm completely out of debt..